TaxTMI 
TaxTMI 
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Is VAT applicable on Unbilled Revenue under Works Contract?
Unbilled Revenue - VAT - Reg
15 Nov 2016 
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VAT applicability on unbilled revenue under works contracts affirmed; non-issue of invoice attracts penalty and liability.
Value Added Tax applies to unbilled revenue under works contracts; taxpayers must account for VAT on earned but unbilled amounts. Non-issue of an invoice attracts a penalty in addition to the VAT liability. (AI Summary)
Value Added Tax applies to unbilled revenue under works contracts; taxpayers must account for VAT on earned but unbilled amounts. Non-issue of an invoice attracts a penalty in addition to the VAT liability. (AI Summary)